China's EV Dominance Threatens to Undermine U.S. Subsidies

China’s dominance over EV supply chains risks making U.S. subsidies for the industry unusable, South Korea has said. Subsidies for EV manufacturing, including components, under the Inflation Reduction Act seek to reduce sourcing from China. Yet China controls almost the entire EV supply chain. This means few if any companies involved in EV manufacturing in the U.S. would be able to benefit from the incentives, South Korea’s trade minister told the Financial Times.

The legislation in question targets so-called foreign entities of concern, meaning companies with ties to China. Sourcing materials or components from such companies would disqualify U.S. EV players from getting the tax credit, which comes in at some $7,500 per vehicle. The rule first enters into effect for battery components this year, to extend to battery raw materials from 2025.

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There's a new trade war brewing - over global dominance in the electric car marketMore than half of all new electric cars sold worldwide are from China and it can make them cheaper and faster than its competitors.
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